BAC Support at Lows
Updated
Long idea.
BAC is a stock that has been negatively affected by the recent issues with regional bank stocks. While the bank seems fundamentally sound, I think there's an opportunity to go long for mean reversion.
Has been in a daily downtrend since the beginning of March and has hugged the 2sd 20D. However, price has stalled 26-28 and is seeing some high volume, implying big buying at these levels. A distribution has been built here at the lows, and R:R for long punt down here feels like risk is to the upside.
Buy targets are 27-28 / 26.
Profit targets are 29 / 30 / 31 / 33.
BAC is a stock that has been negatively affected by the recent issues with regional bank stocks. While the bank seems fundamentally sound, I think there's an opportunity to go long for mean reversion. Has been in a daily downtrend since the beginning of March and has hugged the 2sd 20D. However, price has stalled 26-28 and is seeing some high volume, implying big buying at these levels. A distribution has been built here at the lows, and R:R for long punt down here feels like risk is to the upside.
Buy targets are 27-28 / 26.
Profit targets are 29 / 30 / 31 / 33.
Note
Trade invalidated < 26.Trade active
BAC 100 (Weeklys) 26 MAY 23 30 CALL around 6:35AM PDTNote
above is for 0.62Trade active
Moving stop to BE @ 0.62 to derisk for CPI tomorrowNote
Currently up 30% @ 0.8Trade closed manually
Out in full today. Trimmed 40% @ 0.9, 40% @ 1.2 and 20% at 1.01. Avg exit price = 1.04
Profit = 1.04 - 0.62 = +0.44 (+70%)
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